Let’s face it, when you are a DIYer in competitive intelligence (doing it yourself, for the newbies out there), you can’t do it all. Sometimes you will have to go outside for help. I am not going to cover all the issues involved here, because they are many and I have covered them elsewhere.[1]

I want to deal here with a couple, from the perspective of the company you will be dealing with. Here are a few of the most common issues you may face when doing this for the first time:

First, always protect yourself and your firm. Before you get into sharing any details, get all potential contractors to sign a non-disclosure agreement. Also, make sure that they do not have a conflict of interest.

Do you know exactly what you want? If so, write it down, including the deliverables, timing, and your intended use. If it is clear and complete, you can ask for a RFQ, request for a quote. What you will get back is a dollar amount and, only if you asked for it, a statement of the firm’s relevant qualifications and experience.

If you cannot do that, you need a RFP, a request for a proposal. Here you provide as much basic information as you can, and then let the firms explain the how, what, and when. If you need it by a specific date, say so at the beginning. If you are dealing with multiple firms, and a firm asks a question which you answer, to be fair, share that exchange with all the other firms.

Decide what criteria you will use when selecting a winner in any RFP competition. In fact, write that down before you start. It is just lowest price? What about speed? How about prior experience? Anything else?

When you get the proposals, decide quickly. If you ask for a response to your RFP in 10 days, be prepared to decide in 10 days. Play nice. The firms competing for your business put a lot of time and money into doing these RFPs.

Are you prepared to explain your decision? Some firms may ask you for a debriefing if they lose out. Having your criteria written down in advance will make that a lot easier.